CHARLOTTE, NC - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of Park at Steele Creek, a 264-unit apartment community located in Charlotte’s desirable Southwest submarket
ARA Charlotte, NC-based Principal Blake Okland and Dean Smith, and brokers, Sean Wood and John Heimburger, represented Greensboro, NC- based Bell Partners Inc., a private real estate company focused primarily on the acquisition and management of high-quality apartment communities located in the Mid-Atlantic, Southeast and Southwest United States.
Park at Steele Creek was acquired by Los Angeles, CA-based JRK Investors, an owner and operator of multifamily properties.
Constructed in 1999, Park at Steele Creek represented an opportunity to acquire a quality, well positioned asset at a steep discount-to-replacement cost. The asset was 95% occupied at the time of the sale.
“Southwest Charlotte has demonstrated remarkable demand over the past three years with absorption of over 2000 units of new supply despite the steep recession that only recently ended, said ARA’s Blake Okland. He added, “Even better news is that there are only 300 units currently planned in the area, further reinforcing this incredible opportunity to take advantage of the supply-demand imbalance that will persist for the foreseeable future.”
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Cassandra Rusnak, rusnak@ARAusa.com, 704.379.1987.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com